Form 4: Douglas Elliman CEO Discloses Stock Transactions

Sentiment:

Insider Transaction Report 26 November 2025 4:15 PM

Douglas Elliman Inc.'s President and CEO, Michael Liebowitz, reported a tax-related stock withholding and a transfer of shares to an LLC.

Summary

Michael Liebowitz, President and CEO of Douglas Elliman Inc., reported changes in his beneficial ownership of common stock.
He disposed of 196,750 shares of common stock on November 24, 2025, to cover payroll tax liabilities.
These shares were withheld due to the vesting of 500,000 restricted stock shares awarded on November 24, 2024.
The shares were valued at $2.41 each, based on the average of the low ($2.35) and high ($2.47) stock prices on the vesting date.
Liebowitz also transferred 56,530 shares previously held directly to MSL18 Holdings LLC, a single-member LLC he owns.
Following these transactions, his direct beneficial ownership is 1,344,030 shares, and indirect beneficial ownership through MSL18 Holdings LLC is 1,534,912.149 shares.

Sentiment

Score: 5

Explanation: The filing is a standard disclosure of insider transactions, primarily a tax-related withholding and an internal transfer, which are neutral events. The vesting of restricted stock is a positive for the executive, but the overall impact on the company's sentiment is neutral.

Positives

The vesting of 500,000 restricted stock shares indicates a compensation event for the CEO, aligning his interests with shareholders.

Negatives

A reduction of 196,750 directly held shares due to tax withholding.

Risks

The Limited Power of Attorney explicitly states that it does not relieve the undersigned from responsibility for compliance with Section 13 or Section 16 of the Exchange Act, including reporting requirements and liability for disgorgement of profits under Section 16(b).

Future Outlook

Industry Context

This filing is a routine insider transaction disclosure for a real estate brokerage company, Douglas Elliman Inc., and does not provide broader industry context or trends.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Power of Attorney Grant	Michael Liebowitz granted a Limited Power of Attorney to Bradley H. Brodie and J. Bryant Kirkland III to prepare and submit SEC filings (Forms 3, 4, 5, Schedule 13D/G) on his behalf regarding his equity securities in Douglas Elliman Inc.	11/25/2025	This streamlines the process for the CEO's compliance with SEC reporting requirements, ensuring timely and accurate disclosures of his beneficial ownership changes.

Related Party Transactions

Transfer of 56,530 shares from Michael Liebowitz directly to MSL18 Holdings LLC, which is a single-member LLC owned by Michael Liebowitz. This is an internal transfer of ownership form.

Stakeholder Impact

Shareholders: The tax withholding slightly reduces the CEO's direct holdings, but the overall beneficial ownership remains substantial, indicating continued alignment of interests. The transfer to an LLC is an administrative change with no material impact on total beneficial ownership.
Management: The vesting of restricted stock represents a compensation event for the CEO.

Key Dates

Date	Description
11/24/2024	Date 500,000 shares of restricted stock were awarded to Michael Liebowitz.
11/24/2025	Date of stock withholding for tax liabilities and vesting of restricted stock.
11/25/2025	Date Michael Liebowitz executed the Limited Power of Attorney.
11/26/2025	Date the Form 4 was signed by the attorney-in-fact.

Recommendation

hold

This Form 4 filing details routine insider transactions, specifically a tax-related withholding upon restricted stock vesting and an internal transfer of shares to an LLC. These events are administrative in nature and do not signal any fundamental change in the company's prospects or the insider's confidence. Therefore, it provides no new information that would warrant a change from a 'hold' position based solely on this filing.

Keywords

Douglas Elliman Inc., DOUG, Michael Liebowitz, Insider Trading, Form 4, Stock Vesting, Restricted Stock, Tax Withholding, Beneficial Ownership, CEO Stock

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